Russia seeking to enter into long-term gas supply contracts — energy minister

MOSCOW, October 16. /TASS/. Russia seeks to conclude long-term gas supply contracts to encourage investment in new fields, Russian Energy Minister Sergey Tsivilev said.

"[Developing] new fields requires investment spanning decades, which is why long-term contracts, fair pricing, and the removal of unilateral restrictions are important to us," he told reporters on the sidelines of Russian Energy Week.

Gas remains the most environmentally friendly fossil fuel, with demand for it growing, first of all in Asia and Africa, the minister added.

"Gas producers need a unified voice to make sure that market rules take into account the interests of both those who produce gas and those who buy it. The GECF (Gas Exporting Countries Forum - TASS) is a platform for practical cooperation," he said.

Moscow is discussing the joint development and production of equipment for the gas and LNG industries, the mutual recognition of standards, and settlements in national currencies within the GECF framework, the minister added.

The Russian Energy Week (REW) International Forum is taking place in Moscow from October 14 to 16. It is being held with the support of the Government of the Russian Federation, the Ministry of Energy of the Russian Federation, and the Government of Moscow. The Roscongress Foundation organizes the forum. TASS is the information partner of Russian Energy Week.